Sequans Sells Bitcoin, Redeems Debt, Refocuses on 5G

Sequans Communications sold part of its bitcoin holdings to fully redeem the convertible debt issued in July 2025, the Paris-based IoT semiconductor company confirmed Thursday. The sale reduced the company’s bitcoin treasury to about 658 BTC, which Sequans says are unrestricted and unencumbered, and left the balance sheet effectively debt-free. Shares of SQNS rose more than 12% by 12 p.m. ET on the day of the announcement.

The company previously sold 970 BTC in November 2025 to repay half of the same convertible note, cutting holdings from 3,234 BTC to roughly 2,264 BTC at that time. Sequans reported that the earlier partial sale lowered its debt-to-net-asset-value ratio from about 55% to 39%; with Thursday’s full redemption the ratio is near zero.

Sequans disclosed it will monetize the remaining 658 BTC over time and does not plan new bitcoin purchases. The company also announced it is ending its digital-asset treasury strategy and considers that experiment concluded.

Chief executive Georges Karam framed the decision as a return to core operational priorities: “We have strengthened our balance sheet, simplified our capital structure, and are now fully focused on scaling our IoT semiconductor business.” The firm pointed to its 4G LTE-M and Cat-1bis chipsets, a 5G eRedCap roadmap, and new RF transceiver products aimed at defense and drone customers.

Sequans said it will concentrate commercial efforts on smart metering, asset tracking, telematics and industrial IoT, citing early traction in 5G eRedCap as a growth area. The company described 5G eRedCap as a next-generation cellular standard for IoT connectivity.

Sequans began accumulating bitcoin through operations and financing in 2024 and 2025, treating BTC as a long-term store of value. The partial sale in November drew criticism online, with some users questioning the timing and prices of the disposals and noting on-chain transfers before the official disclosure. Observers at the time flagged comments from management that left open the possibility of further sales; the full redemption announced Thursday followed those expectations.

Sequans (NYSE: SQNS) reported no remaining convertible debt after the redemption. The company said its balance sheet is effectively debt-free and its capital structure simplified. SQNS shares remain down about 75% over the past year and more than 99% below their all-time high.